Most credit card companies follow a similar process for debt collection. For the first six months a bill has gone unpaid, their in-house collection division will try to collect on the debt. If [...]
Trident Debt Relief Blog
Creditors do differ in the amount of debt reduction that they’re willing to settle for. Chase Bank won’t be the same as Bank of America, or Wells Fargo, or a local bank. A lot of it will also [...]
Although different creditors have different settlement guidelines, you can typically expect to pay around 50 cents on the dollar for your debts, including all fees.
It’s probably not realistic to expect to settle your debts for pennies on the dollar. You’re probably looking more at dimes and quarters. In other words, a more realistic settlement expectation [...]
Many of the TV commercials out there talk about settling debts for pennies on the dollar, and they probably are unrealistic and too good to be true. Can debts be settled for 7, 8, 10 cents on the [...]
Can I secure a credit card debt settlement on my own or do I need to hire a debt reduction professional to settle my debts?
You can certainly settle debts on your own. There’s no question about that. But you have to ask yourself whether you feel comfortable dealing with creditors and whether you’re willing to deal [...]
Entering a debt settlement program cannot stop a lawsuit, and that’s one of its disadvantages. If you are facing one or multiple lawsuits, bankruptcy would probably be a better option to look at. [...]
In my opinion, it would not be advisable to stretch a pay-off over several years. If you are going to reach a settlement with your creditors, you want the process to take a year or less. I would [...]
If you receive a debt settlement offer from a credit card company, you may certainly take that offer. We recommend that you get the offer in writing. We also recommend that if you do accept the [...]
There are some definite downsides to lengthening the debt negotiation process. The first is that a creditor may sue you at any point during the period of a debt negotiation plan or debt [...]
There’s no reason that you would want to extend the negotiating process, because until the debt settlement is complete, creditors will continue to pursue you to collect on the debt, interest and [...]
Being in a debt settlement program does not stop interest and late fees from accruing on your accounts, which is why it’s critical that you get your debts settled as quickly as possible.
If a creditor files a lawsuit against you while you are in a debt settlement program, the first thing to do is take that summons to your attorney right away. Your attorney will likely be able to [...]
Your creditors do not get paid while you are putting money in your debt settlement trust account, and this is what allows us to gain negotiating leverage. Your account continues to age, [...]
If you hire a debt settlement attorney to represent you with respect to your debt settlement, you can be assured that your settlement funds are safe. Your attorney will hold your money in what’s [...]
The goal in funding your debt settlement account is to accumulate approximately 50 cents on every dollar you owe, within 24 months or less. This can be achieved with lump-sum payments, monthly [...]
Once you’ve chosen a debt settlement company or attorney, you have three primary responsibilities. The first is to keep the attorney updated on your contact information. The second is to fund the [...]
If you have hired an attorney to handle your debt settlement, your attorney will be your creditors’ only point of contact. In fact, once they have been informed that you’re being represented by [...]